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Q. Explain Supernormal Equilibrium?
Supernormal Equilibrium: E is the point of stable equilibrium as MC = MR and MC cuts the MR from below.
Figure: Supernormal Equilibrium
This is point the firm produces OM amount of output. To produce this output, firm incurs an average cost of MF, whereas it earns average revenue of ME. Because at equilibrium ME > MF, firm makes a profit of FE per unit of output sold. Again, because the total revenue earned when OM is sold is OPEM and total cost incurred to produce same output is ORFM, total profit earned at that level of output is RPEF.
break event point
A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output. The firm, Though, faces an upward-sloped labor supply curve of E= 20w-120 W
production function
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
1. Prof. Marshall 'The more nearly perfect a market is, the stronger is the tendency for same price to be paid for same thing at the same time in all parts of the market". 2. Pr
#Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.question..
what is line balancing for paper machine?
Define theVariable factor of production The input level of a variable factor of production can be diverse in the short run. Raw material inputs are believed as variable fact
The Basis of Wage Claims The union's demand for higher wages is normally based on one or more of the following four arguments: 1. The cost of living argument This is
encrimetal concepts
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